Ajwa Projects IPO
Bidding opens on 28 October 2026, in 2 days, and closes on 30 October 2026.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 26 October 2026. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹38.05 Cr
- Lot size
- 600 shares
- Minimum investment
- ₹1,21,800.00
- Face value
- ₹10.00
- Fresh issue
- ₹28.53 Cr
- Offer for sale
- ₹7.60 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 28 October 2026 to 30 October 2026
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Bidding opensNext
28 October 2026 in 2 days
Bidding closes
30 October 2026
Basis of allotment
2 November 2026
Refunds initiated
3 November 2026
Shares credited to Demat
3 November 2026
Listing on the exchange
4 November 2026
Issue dates
This is a fixed-price issue, so there is no anchor investor step. Anchor bidding exists only where an issue is book built and the price is discovered through bidding.
Grey market premium
No premium was quoted for this issue on any of the 3 days we hold a record for. A blank record is not a premium of zero, and it says nothing about demand either way.
About Ajwa Projects
Ajwa Projects Ltd. runs an industrial services business from Surat, Gujarat. The company fabricates structural steel, pressure vessels, boilers, tanks, ducts and precision parts at its own workshops, then erects them on client sites. Its crews also lay process and utility piping for chemicals, gases, steam and fluids, build foundations, industrial buildings and silos, and supply modular prefabricated structures. A maintenance arm handles preventive servicing, PSV calibration, NDT testing, blasting and painting, and plant shutdown support. Customers sit in oil and gas, petrochemicals, refining, power, steel, cement, nuclear power, metro rail and bullet train projects. The company employed more than 557 skilled and semi-skilled people at the time of the filing. It earns money from fabrication contracts, site erection and installation work, and recurring maintenance jobs.
Promoters
- Mohammad Khurshid Alam Khan
- Zarinbegum Khurshid Alam Khan
- Riyaz Rafiq Padela
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Assets | 25.00 | 25.57 | 36.37 | 41.97 |
| Total Income | 34.38 | 36.87 | 48.56 | 12.44 |
| Profit After Tax | 2.95 | 3.28 | 5.42 | 1.56 |
| EBITDA | 5.68 | 6.41 | 9.03 | 2.45 |
| NET Worth | 8.90 | 12.29 | 17.71 | 19.27 |
| Reserves and Surplus | 8.81 | 8.29 | 13.71 | 15.27 |
| Total Borrowing | 10.85 | 7.96 | 12.52 | 13.84 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Jun 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹13.56 | Profit after tax divided by the number of shares. |
| P/E at the cap price | 14.97x | Issue price divided by earnings per share. Lower is cheaper, but only against the same industry. |
| P/E after the issue | 17.92x | The same ratio recalculated on the larger post-issue share count. |
| Price to book | 4.58x | Issue price against net assets per share. |
| Net asset value per share | ₹44.28 | What the company owns, less what it owes, per share. |
| Return on equity | 36.15% | Profit earned on shareholders’ money. |
| Return on capital employed | 34.75% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 36.15% | The offer document’s own name for return on shareholders’ funds. |
| Debt to equity | 0.71x | Borrowings against shareholders’ funds. Higher means more leverage. |
| Profit margin | 11.20% | Profit after tax as a share of income. |
| Operating margin | 18.66% | Operating profit as a share of income, before interest, tax and depreciation. |
| Market capitalisation | ₹111.65 Cr | Value of the company at the issue price. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
What the money is for
Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.
Repayment or prepayment, in full or in part, of borrowings availed by Company
₹9.35 Cr
Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets
₹8.10 Cr
General Corporate Purposes
₹4.43 Cr
Working Capital Requirement
₹4.00 Cr
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Ajwa Projects is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Ajwa Projects Ltd.This issue | 13.56 | 14.97 | ₹44.28 | 36.15% |
| Atmastco Ltd. | 7.33 | 15.97 | ₹59.15 | 13.93% |
| Samay Project Services Ltd. | 4.77 | 9.52 | ₹26.02 | 22.64% |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Who gets what share
SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.
| Category | Share of issue | Amount |
|---|---|---|
| Retail individual investors | 49.97% | — |
Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.
Questions people ask
One lot is 600 shares. The block is calculated at the offer price of ₹203.00. That comes to ₹1,21,800.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 28 October 2026 to 30 October 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
Retail applications run from 1 lot to 13 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Ajwa Projects issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 26 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.